What Is The Length Of A Football Field In Yards Are You in the Retirement Red Zone?

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Are You in the Retirement Red Zone?

In football, the “Red Zone” is described as the portion of the field between the 20-yard line and the end zone. This is where “the rubber meets the road” according to every sportscaster. Whether you’re on offense or defense, your performance in the Red Zone is largely measured by you.

And so it is also true in your retirement financial life. Hopefully, you’ll start saving for retirement from the moment you start working and save, little by little, toward that day in the future when you can sit back, relax, and enjoy the fruits of your labor. All of that is still true today, but only if you start saving when you’re young. The fact is, though, that most people today are so busy buying cars, houses, and electronic toys that they can barely meet all their credit card obligations, let alone set anything aside for retirement.

So hopefully at some point you’ll start looking forward and starting an IRA or contributing to a 401(k) or stock plan at work. At long last, he is finally saving something for his retirement! That’s really great for saving while you have plenty of time ahead of you to allow your investments to compound and grow.

When you enter the Red Zone of Retirement, that period that begins 5 years before your retirement date and lasts for 5 years after you “unplug,” your entire way of thinking should change dramatically. He will see, once he is within 5 years of retirement, he no longer has the advantage of having enough time. Let me explain.

If you make an investment mistake or the market takes a big crash (i.e. 1929, 1987, 2001, etc.) while you’re in your 30s, 40s, or early 50s, you still have time in your investment horizon for your investments to catch up. recover. and recover Once you are within 5 years of retirement, time is not long enough to allow for a hit to your investments to recover. This is why most financial planners recommend shifting your investment allocation from riskier, higher-yielding investments to more conservative things like bonds.

Even after you retire, you should have asset protection priority, at least for the first 5 years. During this period, any significant reduction in your investment assets will have enormous consequences for the amount of time in the future that your investment income will be able to provide for your lifestyle.

Especially while you’re in the Red Zone, it’s very helpful if you have an additional source of cash flow to avoid having to withdraw money from your investment savings. Just an extra $1,000 to $2,000 per month during this period can make a noticeable difference in your lifestyle and financial security.

If you search hard enough, especially on the Internet, you will find many, many opportunities that can provide this level of cash flow to supplement your retirement income. However, you will need to be careful with “Get Rick Quick” schemes and remember the old saying “If it sounds too good to be true, it probably is!” There are many ways that you can use the knowledge and experience you have to earn some extra money.

Think about the experience you bring to the market. In your life you have learned techniques and skills about various things. Among these, which is your favourite? What is it that worries you deeply? What are your passions? If you really think about it, I bet there are ways you can leverage your experience and knowledge into a funding source to supplement your retirement income while enjoying what you’re doing.

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